China's ICBC opens Manila branch

The Industrial and Commercial Bank of China (ICBC), China's largest lender by market value, has announced the opening of a branch in the Philippine capital of Manila, the latest of its efforts to expand overseas.

The branch, inaugurated Wednesday, broadened the bank's service network in the Southeast Asian market and along the Belt and Road, according to a statement on the ICBC website.

With the new branch, the ICBC has set up business facilities in nine member countries in the Association of Southeast Asian Nations, the statement noted.

"China has become the largest trading partner of the Philippines. The Manila branch will better facilitate the trade and investment ties between the two countries," said ICBC chairman Yi Huiman.

So far, ICBC has established 426 affiliates in 47 countries and regions, including 131 affiliates in 21 countries and regions along the Belt and Road, according to a separate statement filed by the ICBC to the Shanghai Stock Exchange on Thursday.